Online Gambling Industry in Vietnam is booming around the world. As more and more national governments regulate online gambling, we’re seeing a huge increase in the number of new platforms and apps, with millions of players across the globe.
Vietnam is a Southeast Asian country famed for its scenic beauty and the hospitality of its people. It is a major tourist destination, attracting visitors throughout the year and from all corners of the world. For those looking to enjoy online casino games in Vietnam, what laws are in place? In this article, we examine the online gambling industry in Vietnam and discuss where it could be heading in the future. Read on to find out more.
The History of Online Gambling Industry in Vietnam
Historically, Vietnam has not been a nation that is friendly towards the gambling industry. The activity was completely banned for hundreds of years, with Online Gambling Industry in Vietnamevere penalties facing those found to have flouted the laws.
For many years, the only form of gambling permitted in Vietnam was the state lottery, which is still enjoyed by millions of Vietnamese citizens every week.
However, the Vietnamese authorities found themselves fighting a losing battle against the gambling industry. Eventually, they realized that the best way to control gambling in the country was to relax strict, long-standing laws.
1. Legalization Begins
In 2017, Vietnam legalized local games of chance, which eventually led to the opening of eight casino locations. However, these casinos were initially for foreign nationals only, with Vietnamese citizens not permitted to gamble at these locations.
After a trial period, the authorities eventually opened casino doors for Vietnamese citizens, as long as players could meet specific affordability requirements.
In 2018, Vietnam legalized betting on football, horse racing and greyhound racing. Players must be over 21 to bet on sports and can bet a maximum of one million Vietnamese dong per day.
2. Online Gambling Industry in Vietnam
Currently, Vietnam still has a blanket ban on Online Gambling Industry in Vietnam, with the authorities working diligently to block casino and sports betting operators in the country.
Despite the ban, online gambling is still prevalent. Players make use of VPNs and similar technology to access foreign gambling platforms to place bets on sports and casino games. While the activity is prohibited, players are rarely prosecuted. Instead, authorities target the platforms and betting websites themselves.
3. What Does the Future Hold?
Online gambling is a rapidly expanding industry. Despite their best efforts, the Vietnamese authorities are struggling to keep online gambling out of the country. Players and operators both hope that, eventually, the Vietnamese government will relent and accept the benefits and advantages that a regulated online gambling industry can offer.
The opening of casinos and the legalization of sports betting indicate that the government is able and willing to change its stance on gambling. As we head into the future, we could well see the rules around Online Gambling Industry in Vietnam relaxed in Vietnam, which would be welcome news for players and operators.
Online gambling may still be banned in Vietnam but, given that the country was willing to relax rules to allow for the opening of casinos and the legalization of sports betting, it’s likely something similar could happen for online gambling.